When the U.S. economy reached full employment in 2007, the cyclically-adjusted deficit that year was -1.3% of GDP. From this information, we know that the:
A. Actual budget deficit must have been very close to 0% of GDP
B. Government implemented a contractionary fiscal policy that year
C. Actual budget deficit must have been very close to -1.3% of GDP
D. Government implemented a more expansionary fiscal policy from 2006 to 2007
A. Actual budget deficit must have been very close to 0% of GDP
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Which of the following best describes the inflation rate in the United Kingdom in 1975?
a. 8% b. 15% c. Almost 25% d. More than 25%
Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is
a. above the labor supply curve under perfect competition b. the market supply curve of labor c. below the labor supply curve under perfect competition d. changed because workers are now more willing to supply labor e. perfectly horizontal
What fraction of this tax is borne by the workers?
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) 1/6 b) 2/6 c) 3/6 d) 4/6 e) 5/6
Which of the following correctly orders, highest to lowest, the relative magnitudes of U.S. spending by businesses on components of R&D?
A. Invention, basic research, innovation. B. Invention, innovation, basic research. C. Innovation, invention, basic research. D. Basic research, invention, innovation.